The International Energy Agency (IEA) cuts its expectations for the global demand for crude oil during 2021 by 280,000 barrels per day (b\/d) to 5.5 million b\/d, according to the monthly report released on Tuesday.<\/p>\n\n\n\n
A decline of 600,000 b\/d is expected during the first quarter (Q1) of the year, while Q2 of 2021 is expected to a decrease of 300,000 b\/d, compared with the IEA\u2019s previous estimates.<\/p>\n\n\n\n
The modified expectations were attributed to the resurgence of the Coronavirus pandemic with a rising number of new cases, re-imposing preventive measures and lockdowns to curb the spread of the deadly virus in many parts across the world.<\/p>\n\n\n\n
It is worth noting that the Organization of the Petroleum Exporting Countries (OPEC) and other top producers, forming an alliance known as OPEC+, recently reached an agreement to curb output in February, as suggested by Saudi Arabia, with the Kingdom voluntarily choosing to apply larger production cuts.<\/p>\n\n\n\n
The OPEC+ alliance is set to hold monthly meetings to agree on production policy in accordance with market developments as the world continues to face the implications of the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"
The International Energy Agency (IEA) cuts its expectations for the global demand for crude oil during 2021 by 280,000 barrels per day (b\/d) to 5.5 million b\/d, according to the monthly report released on Tuesday. A decline of 600,000 b\/d is expected during the first quarter (Q1) of the year, while Q2 of 2021 is …<\/p>\n","protected":false},"author":10,"featured_media":32660,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6959,6846],"class_list":["post-40156","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-iea","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/40156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=40156"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/40156\/revisions"}],"predecessor-version":[{"id":40157,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/40156\/revisions\/40157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32660"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=40156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=40156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=40156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}